1858

NEW ZEALAND GAZETTE

No. 69

CTIL administration and support costs .................................. 48,117 49,974
Custodial and investment management fees ............................. 51,109 -
Depreciation ..................................................... 14,126 5,467
Premises ....................................................... 32,729 -
Salaries and professional fees ................................... 153,252 74,273
Trustees fees .................................................. 81,736 72,123
Total expenses ................................................. 498,188 276,353
Less write off of debt balance in revaluation reserve .......... 4 9,224,872 4,742,924
Net income before retentions and distributions .................... 9,216,973 4,742,924
Less retentions—
Future donation reserve .................................... 386,265 -
Capital base reserve ..................................... 372,935 -
759,200 -
Available for distribution ..................................... 8,457,773 4,742,924
Donations approved ....................................... 3 3,543,650 3,741,016
Special project donations approved ....................... 3 3,156,244 -
Total distributed/approved ..................................... 6,699,894 3,741,016
Add/(Less) non trading items—
Costs re partial disposal of investment portfolio .......... - (256,378)
Net surplus transferred to trust funds ........................... $1,757,879 $745,530
Transferred to—
Capital fund ............................................. 4 - (256,378)
Accumulated income ....................................... 1,757,879 1,001,908
$1,757,879 $745,530

The notes to the financial statements form part of and are to be read in conjunction with these financial statements.

Consolidated Balance Sheet as at 31 March 1995

Trust funds—
Capital fund ............................................. 4 72,698,521 72,698,521
Accumulated income ......................................... 1,757,879 3,862,349
Future donation reserve .................................... 4,248,614 -
Capital base reserve ..................................... 372,935 -
Revaluation reserve ...................................... 174,890,769 224,175,622
Total trust funds ............................................ $253,968,718 $300,736,492

Represented by—
Current assets—
Trust Bank Canterbury Limited—
Current account ...................................... 109,070 -
Term investment account .............................. 3,835,613 23,176,949
Accrued interest ..................................... 123,995 78,239
Current portion of investments ....................... 309,330 670,585
4,378,008 23,925,773
Investments—
Government securities .................................... 2 902,570 1,056,351
Local authorities securities ............................. 551,975 1,146,165
Trust Bank New Zealand Limited shares .................... 226,800,000 276,000,000
Community loans .......................................... 587,969 214,424
Armstrong Jones (NZ) Limited/managed funds ............... 21,819,559 -
250,662,073 278,416,940
Less current portion ....................................... (309,330) (670,585)
250,352,743 277,746,355
Fixed assets ............................................... 7 97,191 13,870
Total assets ............................................... 254,827,942 301,685,998
Current liabilities—
Trust Bank Canterbury Limited—current account ............ - 42,043
Accounts payable ........................................ 39,048 49,590
Accrued charges ......................................... 24,000 -